WASHINGTON, Sept. 5, 2024 – Today, Agriculture Secretary Tom Vilsack made the following statement following the release of the Economic Research Service’s 2024 Farm Sector Income Forecast:
“Today’s farm sector income forecast shows that, while the projection shows a decline from the 2022 record high, 2024 is expected to close out a four-year streak of net farm income that’s above the 20-year average. For the prior four years, net farm income was consistently at or below that historic average, even before the COVID-19 pandemic.
Without question, despite a softening of input costs, returns to crop producers remain a challenge as we recover from shocks in the market, such as Russia’s war in Ukraine. However, in other areas the report improves the difficult picture the last forecast painted in February: this forecast projects that income for livestock producers will rise, and farmers will continue to see declining production expenses led by feed, fuel and fertilizer helping to offset lower commodity prices. Farmers’ equity in their farm operations also continues to increase, rising 2.7% since last year.
This report shows 90% of farm households continue to require off-farm income to support their families and their farms—a fact that no one in rural America should be ok with, since it means we’ll continue to see consolidation and loss of farms that’s taken place since the 1980’s. The Biden-Harris Administration continues to fight for a system where family farms work for the family, not the other way around. Our investments in climate-smart conservation, on-farm renewable energy, domestic fertilizer production, expanded local meat processing, organic markets, and procurement from local and smaller-sized operations are contributing to a more resilient, robust and diversified food and farm sector so that all farms can thrive, not just the top earners. In addition to expanding access to crop insurance, which is vital in the face of increasing natural disasters and global disruption to markets, the next Farm Bill must cement this approach to investing in farms of all sizes, and move us away from a dangerous ‘get big or get out’ approach.”
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